Issuu on Google+

What is Escrow?

Escrow is an arrangement in which a neutral third party (escrow agent) takes instruction from buyer and seller to process documentation and handle funds in the real estate transactions.

New Owner!

Title Insurance Check Taxes & Legal Title Search Examination Issue Commitment Record Documents Issue Policy to Lender Issue Policy to Owner

Payments to Lender

Purchase & Sale Agreement Selling Agent – Buyer Buyer Loan Application Listing Agent – Seller Review & Clear Title

Record & Disburse Funds

Were you

Oversee Closing Documents Signed

aware that

ESCROW Prepare Legal Documents

all of this went into an Escrow?

Insurance Binder

Closing Statement & Escrow Instructions Determine Status Homeowners Dues Fees/Commissions Taxes Liens Mortgages

Lender Mortgage Insurance Underwriter Loan Approval Verification Buyers Funds Employment Appraisal Credit Report

The escrow flow chart